This loan calculator is written in Java Script. In order to use it, you need Windows 95, 98, 2000 or NT and a java capable browser.

**This calculator will help you to decide whether or not you should
refinance your current mortgage at a lower interest rate. Not only will
this calculator calculate the monthly payment and net interest savings,
but it will also calculate how many months it will take to break even
on the closing costs.**

Enter
the principal balance of your mortgage :

Enter
the amount of your monthly mortgage payment:

Enter
the your mortgage's current interest rate:

Enter
interest rate you will be refinancing at:

Enter
the number of years you will be refinancing for:

Enter
the closing costs that will be required for refinancing:

This
is how much your monthly payment will be if you refinance:

Monthly
Savings:

Number
of months to break even on closing costs:

This
is how much interest you will pay under your current monthly payment
plan:

This
is how much interest you will pay under your refinanced monthly
payment plan: